AI chip manufacturer Cambricon Technologies Corporation Limited (688256.SH) released its 2025 annual report on the evening of March 12. In 2025, Cambricon achieved revenue of 6.497 billion yuan, an increase of 453.21% year-over-year, and a net profit of 2.059 billion yuan, turning a profit compared to the previous year. This marks the company's first profitable year since its initial public offering.
"During 2025, the global artificial intelligence industry entered a phase of rapid growth. As the foundational cornerstone of AI applications, demand for computing power showed a fast-rising trend. During the reporting period, building on the company's progress in AI chip products, basic software platforms, and cluster software toolchains, the company's products were deployed at scale across several key industries including telecommunications operators, finance, and the internet," Cambricon stated.
In terms of research and development, Cambricon's R&D expenditure in 2025 was 1.169 billion yuan, an increase of 9.03%. R&D spending accounted for 17.99% of revenue. However, because the growth rate of revenue far exceeded the growth rate of R&D expenditure, the proportion of R&D spending relative to revenue decreased by 73.31 percentage points year-over-year.
Although both full-year revenue and net profit improved compared to the previous year, Cambricon's net profit for the fourth quarter of last year declined sequentially. In the fourth quarter, Cambricon's revenue was 1.89 billion yuan, a sequential increase of 9.4%, while net profit was 455 million yuan, a sequential decrease of 19.8%. This represents the second consecutive quarter of sequential decline in net profit for Cambricon, following a 17% sequential drop in the third quarter of 2025.
The annual report also revealed that prominent individual investor Zhang Jianping increased his holdings in Cambricon during both the first and second halves of last year. In the first half of the year, Zhang Jianping increased his holdings by 747,500 shares, making him the seventh largest shareholder of Cambricon. For the full year, he increased his holdings by a total of 1.4761 million shares. This indicates he continued to add to his position in the latter half of the year. As of the end of last year, Zhang Jianping held 6.8149 million shares of Cambricon, representing a 1.62% stake, making him the fifth largest shareholder. Among individual shareholders, his shareholding is second only to that of Cambricon's Chairman, Chen Tianshi.
On August 27 of last year, during trading, Cambricon's share price once rose to 1,462 yuan per share, surpassing Kweichow Moutai to become the highest-priced stock in the A-share market. On August 28, Cambricon's closing price exceeded 1,500 yuan per share, with a market capitalization surpassing 660 billion yuan. On March 12, Cambricon closed at 1,099 yuan per share, with a market capitalization of 463.4 billion yuan, a decrease of nearly 200 billion yuan from its peak price.
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